|
 Bipartisan negotiations are continuing on the final form of a bill
which will restrict Congress to a yes-or-no vote on trade deals in
exchange for setting negotiating objectives. The Republican chairman
of the Senate Committee on Finance, Orrin Hatch, has said he hopes
to present legislation this month.
U.S. Trade Representative Michael Froman said the last time Congress
passed such legislation, in 2002, only 4 percent of companies on the
Fortune Global 500 list were from emerging markets, compared to one
in four now.
Twelve of the largest 50 companies on the Fortune Global 500 list
were now state-owned, compared to just one in 2002, and consumers
had downloaded more than 25 billion songs through Apple Inc's iTunes
store, which did not exist in 2002, he said.
 “It’s time to update trade promotion legislation to meet the needs
of today’s global economy," Froman said in remarks prepared for
delivery to the National Association of Counties.
[to top of second column] |
Passing fast-track legislation is seen as key to sealing major trade
deals such as the 12-nation Trans-Pacific Partnership, as trading
partners can have more confidence deals will not be picked apart in
Congress.
But it faces opposition from some conservative Republicans and some
Democrats worried about the impact of trade deals on jobs.
(Reporting by Krista Hughes; Editing by Muralikumar Anantharaman)
[© 2015 Thomson Reuters. All rights
reserved.]
Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
